Help! I need flipping advice and help with partnership

[Carrie Martin]

I am a Contractor with my husband. We do all aspects of residential remodeling and home improvements. We Have a person that we would like to partner with to flip. we need help with knowing how to split the profits, how to set up our arrangement for the flipping. With our partner we need them to purchase and put up the money for our first flip, then all others afterwards we will put up half money for flips. So in our partnership and situation we need our partner to purchase the first home with there monies. We will do all the work.  We also don’t have the cash to purchase a home at the moment. So we will do all the work for rehabbing and selling. After our first flip then we can put up our money and profit to split the purchase of our next home to flip. I don’t know how to set this agreement up. I am even willing to let my partner have a higher percentage then me since they are putting up the cash for purchase. We just need to know how to do this agreement for flipping. We need advice on how to do this and how to set up our partnership thanks 

[Jason D.]

@Carrie Martin I'm in agreement with @J Scott on this. Your "partner" assumes all risk but splits the profit with you? What you're describing is just a contractor/investor relationship. What you could try is to have the investor loan you the money at xx% over 12 months and then when you sell or refinance, you pay them back. Although, it may be hard to convince them to loan 100%, because, again, they would be assuming all risk.